Deals
Uber’s Mideast Rival Valued at $1 Billion on Saudi STC Deal
- Saudi Telecom will take a 10 percent stake in Careem
- Investment will make Careem the Mideast’s latest Tech Unicorn
Uber's Mideast Rival Valued at $1 Billion
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Government controlled Saudi Telecom Co. will invest $100 million in Middle East-based ride-hailing app Careem Networks FZ, giving the four-year-old company a valuation of about $1 billion.
The board of STC, as the Saudi company is known, approved the purchase of a 10 percent stake in Dubai-based Careem on Dec. 15, according to a statement on the Saudi Stock Exchange Sunday. STC will fund the deal from internal resources. The company is already an investor in Careem through its venture capital arm, STC Ventures, according to Careem’s website.